DA Davidson Upgrades Investors Real Estate Trust to Buy

DA Davidson has published a research report on Investors Real Estate Trust

and has upgraded the company from Neutral to Buy. In the report, DA Davidson writes, "Investor Real Estate Trust reported 2Q'FY12 funds from operations (

) of $15.2 million ($0.15 per share) compared to $16.0 million ($0.17 per share) a year earlier. FFO was moderately below our forecast of $15.9 million ($0.15 per share). While the multi-family residential segment continued to rebound, the commercial office segment remained weak due to a tepid economy and weak personal income advances in several of the regions served. Also holding back quarterly results were lost rents from flooding damage in Minot, ND and other locations, though these costs are likely to be recovered once insurance proceeds are posted. (We have assumed this rent recovery will take place in 3Q'FY12.)" DA Davidson maintains its $8 price target on Investors Real Estate Trust, which is currently trading up $0.05 from yesterday's $7.06 closing price.